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Some individuals choose not to receive their Social Security benefits either by delaying them or by never claiming them.
The more information you have, the better decisions you’re free to make as you age.
Here are six things that happen if you never claim Social Security benefits.
Also see eight reasons you might not get Social Security.
By delaying benefits, you might actually receive more money each month.
For example, for individuals born between 1943 and 1954,full retirement ageis 66.
If you begin receiving your benefits at that age, you will receive 100% of them.
However, if you wait to receive benefits until you are 67, you will receive 108%.
This increase, however, caps at age 70.
Beyond that age, you will not receive any increase for delaying the receipt of your benefits.
If you suspended your benefits, they will automatically begin again the month you turn 70.
It is important to remember that you better enroll in these programs.
Most benefits will not start automatically.
It may, however, affect other incomes, including supplemental security income.
The SSA notes that never beneficiaries have a higher rate of poverty compared tocurrent and future beneficiaries.
Additionally, the SSA explains that any benefits you receive on someone elses record will also be suspended.
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